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HomeMy WebLinkAbout1658 ~ ~ ~ 9. In the event the premises hereby mortgaged, or any part thereof, ' shall be condemned and taken for public use under the power of eminent domain, ~ the Association shall have the right to demand that all damages awarded for the , ~ taking of or damages to said premises shall be paid to the Association. its . successors or assigns, up to the amou~t then unpaid on this mortg~ge and may ~ be applied upon the payment or payments last payable thereon. ' 10. The mortgagors bind themselves not to erect or permit to be erected ~ # , any new buildings on the premises herein mortgaged or to add or permit to be ~ added to any of the existing improvements thereon, or to demolish, alter, or ~ destroy any material part of the improvements, without the written consent of ~ the Association and in the event of any violation or attempt to violate this ; stipulation this mortgage and all sums secured hereby shall -immediately be- . ~ come due and collectible at the option of the Association. ' ~ 11, It is specifically agreed that time is the essence of this contract and I that no waiver of any obligation hereunder or of the obligation secured hereby ; shall at any time thereafte~ be held to be a waiver of the terms hereof or of the ir~strument secured hereby. ~ 12. If foreclosure proceedings of any second mortgage or second trust . ~ deed or any junior lien of any kind should be instituted, the Association may at ; its option, immediately or thereafter declare thia mortgage and the indebtedness ~ secured hereby due and payable. _ 13. To the extent of the indebtedness of the mortgagors to the Association described herein or secured hereby the Association is hereby subrogated to the Iien or liens and to the rights of the owners and holders thereof of each and every mortgage, lien or other encumbrance on the land described herein which is paid and/or satisfied, in whole or in part, out of the proceeds of the loan described herein or secured hereby, and the respective liens of said mortgages, liens, or other encumbrances, shall be and the same and each of them hereby is preserved ; and shall pass to and be held by the Association herein as security for the in- ~ debtedness to the Association herein described or hereby secured, to the same ; extent that it would have been preserved and would have been passed to and been ' held by the Association had it been duly and regularly assigned, t~ansferred, ~ ' # set over and delivered unto the Association by separate deed or assignment, ~ ~ notwithstanding that the same may be satisfied and cancelled of record, it being ~ the intention of the parties hereto that the samP will be satisfied and cancelled ~ of record by the holders thereof at or about the time of the recording of this ~ mortgage. ~ ~ ~ 14. To pay ;all and singular the costs, charges, and expenses, including ~ lawyer's fees, incurred or paid at any time by the Association because of the ~ failure of the mortgagors to perform, comply with and abide by each and every ~ the stipulations, agreements, conditions and covenants of said promissory note ~ and this deed, or either, and every such payment shall bear interest from date at the rate of nine (9%) per cent per annum. ~ , . x - and equi• 'th money to be advanced on this mortgage shall be completed - within 180 days fro ate hereoi and shall be constructed in accordance ~vith plans and specifications submi the Association and that should said buildings Y" not be constructed within the above time d/or said buildings shall not be constructed in accordance with plans and specificatio , and in that event, " the mortgagee may, at its option, declare all sums secured here ediately ; ~ _ ~ - 16. Upon the occurrence of the filing of an arrangement or proceeding in bankruptcy by or againet mortgagora, initiation of inaolvency proceedinga by or . , ~ ~ ' ~4 ~ 0 R ~p - ~ BOCK 1c70 PACE~Ve~ `y . { ; ~ ' : ~ - _ .E . ~ _ ~ . _ _ _ . ~ .